What's Cooking Ahead of McCormick Earnings
McCormick (NYSE: MKC), the leading global spice company, is scheduled to report third-quarter results before the market opens Sept. 26. The usually steady stock has recovered nicely since a disappointing fourth-quarter report in late January caused an uncharacteristic drop; shares reached an all-time high of $171.10 last month before a J.P. Morgan downgrade Aug. 20 spurred a pullback. The dividend aristocrat now lags the S&P 500 year-to-date as it approaches the final quarter of the year.
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McCormick investors are hoping the stock recaptures the momentum that was triggered by its second-quarter earnings report, which posted modest sales growth of 3% supported by healthy demand for its core products and higher pricing. Cost-cutting initiatives helped adjusted operating profits rise 5%, though unfavorable foreign currency translation capped income growth.
Source Fool.com
